ravraj impex ltd Auditors report

RAVRAJ IMPEX LIMITED ANNUAL REPORT 1996-97 AUDITORS REPORT The Members, M/S. RAVRAJ IMPEX LTD. Mumbai We have audited the Balance Sheet of M/s. Ravraj Impex Ltd. As at 30.06.97 & the profit and Loss A/c. for the year ended on that date annexured thereto & report that: 1 . The company has begun its commercial activity during the year primarily in the manufacturing of Jewellery and yarn coupled with trading activity in Gold, Silver PSF & Fabric. The company has continued to carry out trading activity in Gray cloth during the year. 2. As required by Manufacturing & other Companies ( Auditors Report ) order 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956 we enclose in the annexure a statement on the matters specified in paragraph 4 & 5 of the said order. 3. Further to our comments referred to in paragraph 1, above we state that: a) We have obtained all the information & explanation which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper book of accounts as required by law have been kept so appears from our examination of such books. c) The Balance Sheet & Profit & Loss Account referred to this report are in agreement with the books of account. d) In our opinion & to the best of our information & according to the explanations given to us, the Accounts & Notes thereon give the information required by the Companies Act, 1995 in the manner so required and give a true & fair view. (i) In so far as it relates to the Balance Sheet of the state of affairs of the Company as at 30.06.97. (ii) In the case of Profit & Loss Account on the profit for the year ended on that date. For N. B. SINGH ASSOCIATES CHARTERED ACCOUNTANTS (NEERU SINGH) PROPRIETOR DATE : 29th December, 1997 PLACE: MUMBAI ANNEXURE TO THE AUDITORS REPORT (Annexure 1, Referred to in Paragraph 2 of the auditors report, to the extent the clauses are applicable) 1. As per the information given to us, the company has maintained records showing full particulars including quantative details & situation of its Fixed Assets. The physical assets of the company have been physically verified by the management at the end of the year. In our opinion the frequency of such verification is reasonable and no material discrepancies were noticed on such physical verification as compared to the available book records. Fixed assets include Rs.17,01,910/-(Rupee Seventeen Lacs One Thousand Nine Hundred ten only) being amount incurred on incomplete fittings & furniture in the previous year now capitalised. 2. As per information given to us, none of the fixed assets have been revalued during the year. 3. As per information available to us, stocks of finished goods, have been physically verified at regular intervals by the management. 4. In our opinion the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. 5. As per information given to us, in view of the management no material discrepancies have been noticed on physical verification of stocks. 6. In our opinion the valuation of stocks is fair & proper in accordance with the normally accepted accounting principles. 7. The Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 & 370 (1-B) of the Companies Act, 1956. 8. The Company has not granted loans to Companies, firms or other parties covered under section 301 & 370 (1-B) of the Companies Act, 1956. 9. In our opinion & according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company & the nature of its business for the purchase of goods, equipment & other assets & also for sale of goods. 10. As per information given to us, value of goods purchase and gold sold made in persuance of contracts of arrangements entered in the register maintained under section 301 of the companies act 1956 aggregating during the year to Rs. 50,000/- are as follows. 11. Purchase of Rs. 2,87,17,008.67 and Sale amounting to Rs.1,97,91,152.13 are made in pursuance of contracts or arrangement entered is the register of the Companies Act 1956, in excess of Rs.50,000/- in respect of each party. 12. Provision with regards to sale & disposal of scrap are not applicable. 13. In our opinion, The Company has an internal audit system commensurate with the size & nature of its business. 14. As per the information given to us, the Central Government has not prescribed rules for maintenance of cost records. 15. Provident Fund state insurance & other provisions are not applicable. 16. An amount of Rs. 17,664.00 is tax deducted at source payable to government treasury due for more than 6 months. There are no undisputed outstanding amounts payable in respect of income tax, wealth tax, custom duty, sales tax, excise duty as on 30.06.97 for a period of more than 6 months from the date they become payable. 17. No personal expenses have been charged to Revenue Account. 18. The Company is not a sick industrial company within the meaning of clause (O) Sub-section (I) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. 19. In respect of trading, damaged goods are determined by management & dealt properly in the books of accounts. For N. B. SINGH ASOCCIATES CHARTERED ACCOUNTANT (NEERU SINGH) PROPRlETOR DATE : 29th December, 1997 PLACE : MUMBAI